Hello,
I was trying to buy a new construction property as an investment and a rental house. I spent $20,000 for earnest money and $30,000 as deco deposit. However the transaction failed since the interest rates kept high and I terminated the transaction. Could I report it as a investment loss for tax deduction? And it would had been the first propery I owned, could it be identified as an investment property or should it be satistifed any requirements to be identified as an ivestment? (I would not live in the house since I would be in the different city when the house is built and I plan to make it a rental house initially.)
Thank you
